Wells Fargo & Company MN decreased its position in Rayonier Inc. (NYSE:RYN) by 46.7% in the fourth quarter, Holdings Channel reports. The fund owned 565,264 shares of the real estate investment trust’s stock after selling 494,873 shares during the period. Wells Fargo & Company MN’s holdings in Rayonier were worth $17,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in Rayonier in the 4th quarter worth $168,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Rayonier by 46.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,001 shares of the real estate investment trust’s stock worth $221,000 after acquiring an additional 2,229 shares during the last quarter. Gamble Jones Investment Counsel purchased a new position in Rayonier in the 4th quarter worth $237,000. Parametrica Management Ltd purchased a new position in Rayonier in the 4th quarter worth $252,000. Finally, Timber Hill LLC purchased a new position in Rayonier in the 3rd quarter worth $246,000. Institutional investors own 84.27% of the company’s stock.
Shares of Rayonier Inc. (RYN) opened at $35.02 on Monday. The firm has a market capitalization of $4,520.53, a PE ratio of 30.19, a price-to-earnings-growth ratio of 10.73 and a beta of 0.35. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.33 and a current ratio of 2.68. Rayonier Inc. has a 12-month low of $26.84 and a 12-month high of $35.16.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Friday, March 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Thursday, March 15th. Rayonier’s dividend payout ratio is currently 86.21%.
A number of equities analysts recently issued reports on the company. Zacks Investment Research upgraded Rayonier from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research note on Tuesday, March 6th. Citigroup began coverage on Rayonier in a research note on Thursday, March 1st. They issued a “neutral” rating and a $37.00 target price for the company. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $30.00 price target on shares of Rayonier in a research report on Friday, January 12th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $34.00.
Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.
Want to see what other hedge funds are holding RYN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rayonier Inc. (NYSE:RYN).
Receive News & Ratings for Rayonier Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rayonier and related companies with MarketBeat.com's FREE daily email newsletter.